On 1 March, South Africa's new minimum hourly wage rate came into force, rising 9.6% from R23.19 to R25.42 per hour. This rise is above consumer price inflation (CPI) of 6.9%. But with food inflation rates of 13.4% in January 2023, which affects poor people disproportionately, labour activists at the Casual Workers' Advice Office (CWAO) have called the increase a "political attack on the working class." If the minimum wage is set below the current equilibrium market wage... A. the unemployment rate will rise. B. there will be an excess demand for labour at the minimum wage. C. it will have no effect on the quantity of labour employed. D. the unemployment rate will fall. 2.If prices are below the equilibrium, households bid up the price of the product (i.e., they offer to pay more for the product), while the firms realise that they can charge a higher price. True False 3.As the number of suppliers increases in a market, the producer surplus increases. True False